By Duncan Smith
You weren’t one of those Americans who believed the Biden regime when they told us some weeks ago that “inflation is transitory,” were you?
Good, because the regime lied to us.
New figures (not including ‘volatile’ food and gasoline because those would make inflation numbers even worse) show that price hikes are real, and they’re spectacular.'Americans should brace themselves for several years of higher inflation than they've seen in decades, according to economists who expect the robust post-pandemic economic recovery to fuel brisk price increases for a while,' The Wall Street Journal reported.
'The respondents on average now expect a widely followed measure of inflation, which excludes volatile food and energy components, to be up 3.2% in the fourth quarter of 2021 from a year before. They forecast the annual rise to recede to slightly less than 2.3% a year in 2022 and 2023. That would mean an average annual increase of 2.58% from 2021 through 2023, putting inflation at levels last seen in 1993.'
Here’s what a gaggle of economists who spoke to the WSJ said, per the Daily Wire:
— Joel Naroff, chief economist at Naroff Economics LLC: 'We're in a transitional phase right now. We are transitioning to a higher period of inflation and interest rates than we've had over the last 20 years.'
— Diane Swonk, chief economist at Grant Thornton: 'Inflation is expected to surge longer and longer—longer than the Fed previously thought. The Fed is now likely to raise rates in the first half of 2023, although some Fed presidents will be nipping at the bit to move sooner.'
— Kevin Swift, chief economist at the American Chemistry Council: 'The danger is that monetary authorities are behind the curve. I'm not saying hyperinflation is around the corner, just that a lot of things have come together in the last year, and the overall trend of costs across the board is growing faster than in the last five or 10 years.'
— Swift noted the havoc that inflation is having on the construction industry, saying: 'It's disruptive—you can't be sure of what your costs are, whether you can get supplies or what the costs will be six months from now. I'd hate to be in the construction business trying to bid on a job when you don't know what the cost of steel will be 18 months from now.'
CNN confessed that 'Americans have witnessed some wild price hikes over the past few months. Shortages and supply chain issues across the world have sent the cost to make and move goods soaring and left consumers paying up.'
Per Breitbart, here is a rundown of price increases for dozens of items and commodities in the Biden months:
- Gasoline, 56.2%
- Fuel oil, 50.8%
- Used cars and trucks, 29.7%
- Airline fare, 24.1%
- Motor vehicle insurance, 16.9%
- Natural gas (piped), 13.5%
- Transportation services, 11.2%
- Tobacco and smoking products, 7.3%
- Apparel, 5.6%
- Electricity, 4.2%
- Physicians' services, 4.2%
- Food away from home, 4.0%
- New vehicles, 3.3%
- Fruits and vegetables, 2.9%
- Motor vehicle maintenance and repair, 2.8%
- Hospital services, 2.6%
- Food, 2.2%
- Shelter, 2.2%
- Rent of primary residence, 1.8%
- Alcoholic beverages, 1.6%
- Medical care services, 1.5%
- Food at home, 0.7%
- Cereals and bakery products, 0.6%
- Meats, poultry, fish, and eggs, 0.1%
- Dairy and related products, 0.1%
And this mindless fool is just getting started. Imagine what these prices are going to look like a year from now.
Buckle up, buttercups.
Is Inflation Going to Break the Back of Consumers and our Economy?
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You have to be prepared for the coming financial reset